Many property investors in the UK are now seeking to transfer their assets out of the country, according to asset management organisation deVere Group. The firm claimed in January that Rachel Reeves’ Budget last October has unleashed ‘an unprecedented response’ with 42% of those with financial assets in or ties to the UK actively now seeking to transfer their wealth and assets out of Britain and into more tax-friendly jurisdictions.

After surveying 600 individuals worldwide, deVere Group said the results showed that families, business owners, and investors are exploring options to mitigate the impact of the new tax landscape, which includes higher capital gains and inheritance tax changes on pensions.

Nigel Green, chief executive at deVere Group, says: “These measures, designed to address fiscal challenges, are perceived as a direct threat to wealth preservation and financial planning. The policies outlined in the Budget are a game-changer for anyone with financial ties to the UK. The poll shows a remarkable increase in the number of individuals seeking to reposition their wealth abroad. This is not a knee-jerk reaction - it’s a strategic response to an environment that has become increasingly hostile to wealth and investment.”

According to the report, Italy, Switzerland, Dubai, Portugal and Malaysia are among the most popular destinations for those reassessing their financial strategies. Green adds: “These jurisdictions are being actively explored for their more favourable tax regimes and wealth preservation opportunities.”

Getting ahead of ‘the great wealth transfer’
While buying a property overseas might have fallen out of favour for Brits in recent years, the developed world is entering unprecedented times as the Baby Boomer generation, the largest and by far the wealthiest in history, starts to pass on that wealth to their children.